Never too late
When it comes to getting justice it can never be too late. This applies to those people who received PPI in the last six years. Now as they prepare to make a PPI claim, they find they had been cheated by banks into buying a policy.
The chances are good for people filing PPI claims that they had been cheated if they had applied for a loan, credit card or mortgage in the last six years and can now expect their money back from the banks that cheated them.
An estimated two million people are believed to have been sold PPI fraudulently and there have been 50,000 PPI-related complaints in the last financial year alone, a significant rise over the previous year. Banks are now expected to pay back four billion pounds to clients they had taken for a ride.
Considering that some claimants have waited six years to be informed that they had been cheated into purchasing a PPI policy, the waiting period of 28 days to get their money back is insignificant in the scheme of things. Especially so, when until very recently, the waiting period for a refund was close to three months.
However, justice is finally being served in that they will after all get their money back. But much of what is refunded will perhaps be used to make up for the missed payments on their credit cards, loans and mortgages which they expected PPI to take care of on their behalf according to the terms of the policy.
